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4. The debit and the credit columns of a trial balance amounts total to $80,000. Which error may still exist? a. the credit portion of a journal entry is posted to the ledger twice. b. a cash payment on account of $450 is incorrectly recorded as a cash payment on account of $540. c. a journal entry contains a correct debit amount and an incorrect credit amount. d. a debit entry to the cash account in the journal is incorrectly posted as a credit to the cash account in the ledger. 10. Clark manufacturing Company reported its unit produced and total manufacturing cost for the first four months of 2019 Month Units Produced Total Manufacturing Cost January 60 $95.000 February 70 $103,000 March 50 $88,000 April 80 $118,000 Using the high low-method what is Clark's cost formula a. Y = $50,000 + $2,000X b. Y = $38,000 + $1,000X c. Y = $14,000+ $1,500X d. Y = $1,000+ $38,000X Question Two (8 Marks) Indicate true or false in each of the following and correct the false ones: Tor F Statements After closing entries have been journalized and posted, all temporary accounts in the ledge should have zero balances. Closing the drawings account to Owner's Capital is not necessary if net income is greater than owner's drawings during the period. A company's calendar year and fiscal year are always the same. Accrued revenues are revenues, which have been received but not yet recognized Mixed cost and variable cost change in total with the change of the number of units produced. To close net income to owner's capital, Income Summary is debited and Owner's Capital is credited. The adjusting entry at the end of the period to record an expired cost may be different depending on whether the cost was initially recorded as an asset or an expense. If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future. 18 Question Four (10 Marks) Maria Sanchez began business as Sanchez Law firm on June 1, 2020 and during that month completed these transactions. June 1 Sanchez invested $15,000 cash in the business. 2 Purchased $7,500 of office equipment from Johnson Bros, on credit. 2 Paid $2,000 for a one year insurance policy. 8 Completed legal work for a client and received $1,500 cash in full payment 14 Received $2,500 cash for legal work to be completed next month. Paid Johnson Bros. $3,500 cash in partial settlement of the amount owed on June 2 28 Sanchez withdrew $2,000 cash for personal use. Instructions: 1. Prepare Journal entries to record the above transactions, 2. Prepare the adjusting entries at June 30, 2020 assuming that adjusting entries are made monthly. 1. The office equipment has been depreciated at 190$ per month. 2. $500 of supplies have been used during the month. 3. Invoice representing $1,000 of legal work performed during the month has not been recorded as of June 30. Hercules Company ended its fiscal year on August 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as shown below. Hercules Company Adjusted Trail Balance August 31, 2020 Credit Debit $ 10,900 6,200 3,600 10,600 Cash Accounts receivable Prepaid insurance Equipment Accumulated depreciation- equipment Account payable Unearned service revenue Owner's capital Owner's d drawings Service revenue Depreciation expense Salaries and wages expense Utilities expense $ 5,400 3,400 1,200 31,700 12,000 42,400 2,700 28,000 10,100 $ 84,100 $84,100 Instructions: 1. Prepare the closing entries at August 31, 2020. 2. Post to owner's capital, income summary and owner's drawing accounts. 3. Prepare a post-closing trail balance at August 31, 2020. Question six (8 Marks) Samir Company produces and sells a single product. A partially completed schedule of the company's total and per unit costs over the relevant range of 40,000 to 60,000 units produced and sold annually is given below: Units Produced and Sold 40,000 50,000 60,000 Total Costs: Variable costs Fixed costs S 200,000 300,000 500,000 Total costs Cost per unit: Variable costs Fixed cost Total cost Instructions: Complete the Schedule of the company's total and unit costs above